Advanced Artificial Eye (US), The National Artificial Eye Services (NHS) (UK), Marie Allen Ocularist Ltd (Canada), COS-MEDIC PTY LTD (Australia), Ericksons Custom Made Artificial Eye (Canada), International Prosthetic Eye Center (India) and others are some of the prominent players at the forefront of competition in the Global Artificial Eye Market and are profiled in MRFR Analysis.
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Global Artificial Eye Market - Overview
The Global Artificial Eye Market is growing with a rapid pace. According to a recent study report published by the Market Research Future, the global artificial eye market is booming and is expected to gain prominence over the forecast period with a sound pace. The market is projected to demonstrate a sound growth by 2027, surpassing its previous growth records in terms of value with a sound CAGR during the anticipated period (2017-2027).
Artificial eye is also referred as visual prosthetic. It is the artificial visual devices use to restore the visual function of the patient suffering from complete or partial blindness. Number of devices are available in the market which can cure or improve the eyesight of the patient. Global artificial eye market is driven by increasing number of people suffering from complete or partial blindness. According to a study conducted by International Journal of Advanced Medical and Health Research in 2015, in India, the prevalence of blindness is 1.1%, the principal cause being cataract (62.6%) affecting over 9 million people. Moreover, according to the National Eye Institute, the number of people in the U.S. with cataract is expected to double from 24.4 million in 2010 to 50 million by 2050. Additionally, in 2015, National Eye Institute stated that more than half of the Americans suffers from a cataract related problem in their life span. These diseases are estimated to grow with the rising geriatric population, thus, the growing geriatric population is estimated to fuel the market growth. However, high cost of the treatment and availability of cheap alternative treatment has hampered the growth of the market.
Global Artificial Eye Market - Competitive Analysis
Characterized by the presence of several well-established and small players, the global artificial eye market appears to be highly competitive and fragmented. International players are increasingly expanding their footprint in the developing economy, making it difficult for regional vendors to compete with them, especially in terms of features such as product differentiation, product portfolios, quality, and pricing. The market is witnessing intensified competition which is expected to get more intensified further during the forecast period. The intense competition prevalent in the market dictates the consolidation among marketers.
Well established players incorporate acquisition, collaboration, partnership, expansion, and product launch in order to gain competitive advantage in this market and to maintain their market position.
Marie Allen Ocularist Ltd was founded in 1986 by Marie Allen Drennan. Marie is a Board Certified Ocularist (BCO) with The National Examining Board of Ocularists (NEBO) as well as a Board Approved Diplomate Ocularist (BADO). Marie Allen Ocularist Ltd., creates a caring, sensitive and relaxed environment and puts the patients at ease. The company produces quality and comfortable prosthesis designed to match the companion eye.
Cos-Medic Pty Ltd was established in Brisbane, Australia in 1985 by Trevor Dorahy to manufacture and fit ocular prosthetics. During that time, Cos-Medic built a strong relationship with Australian Ophthalmologists. In 2005, Cos-Medic established a new laboratory, of world standard, in the Watkins Medical Centre Brisbane and in 2006 the Company was awarded an Australian and American patent for a new magnetic pinning system.
Global Artificial Eye Market - Regional Analysis
On regional basis, global Artificial Eye Market is segmented into four major regions namely Americas, Europe, Asia Pacific and Middle East and Africa. America leads the global artificial eye market owing the presence of huge geriatric population and increasing number of people suffering from visual impairment. According to American Academy of Ophthalmology, more than 25% of America’s population suffers from minor or major visual complication and this number is rising continuously due to increasing prevalence of diabetic population. Europe accounts for the second largest global artificial eye market. Asia Pacific has the fastest growing market for artificial eye. Japan and Australia are the major contributor for the market owing to well-developed healthcare sector and high health care expenditure. Middle East & Africa accounts the lowest share in the market due to limited availability of medical facilities and poor economic and political conditions. Saudi Arabia, UAE, and Kuwait are the major contributor for the artificial eye market of Middle East & Africa.
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